HRM732 - Introduction to Financial & Management Accounting

Outline info
Semester
School
Last revision date 2017-05-29 00:29:36.149
Last review date 2017-07-17 00:15:24.046


Subject Title
Introduction to Financial & Management Accounting

Subject Description
The focus of this course is to provide students with an understanding of accounting, financial statements analysis, and managerial accounting-based decisions used by business and human resources managers. The fundamental principles of financial and management accounting will be combined with practical applications relating to various organizational forms. Using accounting information to help effect plans, controls, and decisions will be emphasized.

Credit Status
One credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Describe and apply basic financial accounting principles and explain how financial statements are compiled, reported, and analysed;
  2. Explain how business organizations impact the financial structure, tax implication, and operations.
  3. Explain financial statements relationships, classifications, contents and formats, and  how to use them in Human Resources Management;
  4. Explain the techniques used in financial statements analysis and interpretation;
  5. Describe the need for internal controls and the procedures for payroll administration and payroll liability;
  6. Describe the cost types, cost behavior, and how to use the cost-volume-profit analysis in decision making;
  7. Prepare operating and financial budgets and evaluation of capital projects for to support short and long term operations of a business;
  8. Describe the importance of accounting information in the operations of a business and how it impacts upon management decisions in terms of assessing the needs of responsibility accounting and assisting in the planning process; and
  9. Apply effective written communication skills to convey information and findings.

Essential Employability Skills
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

Respond to written, spoken, or visual messages in a manner that ensures effective communication.

Execute mathematical operations accurately.

Apply a systematic approach to solve problems.

Use a variety of thinking skills to anticipate and solve problems.

Locate, select, organize, and document information using appropriate technology and information systems.

Analyze, evaluate, and apply relevant information from a variety of sources.

Show respect for diverse opinions, values, belief systems, and contributions of others.

Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

Manage the use of time and other resources to complete projects.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
None.

However, it is recommended that students begin their studies with HRM 701, Introduction to Human Resources Management, if they plan to pursue the Human Resources Management Graduate Certificate. 

Topic Outline

  • Accounting: The Financial Information System
    • The purpose and objctives of accounting
      • Concepts, techniques and conventions
    • Accounting reports: the balance sheet
      • The income statement, the statement of retained earnings, the statement of changes in financial position.

  • Managerial Accounting: Cost Behaviour and Cost Accumulation for Decision Making
    • Cost behaviour and cost volume relationships
    • Cost allocation systems and activity-based costing including service department costing
    • Relevant costs for decision making
    • Job costing, process costing and transfer pricing
       
  • Managerial Accounting: Budgeting and Budgetary Control
    • Budget preparation
    • Budgetary control: Responsibility accounting and decentralized organizations
    • Risk determination through sensitivity analysis
    • Long-term planning

Mode of Instruction
In-Class
A combination of teaching methods will be utilized which may include lectures, case studies, discussions, group and individual work.

Online
This course is delivered online. This may involve the use of digital materials and/or a text, group discussions, interaction with your instructor and online activities. 

Prescribed Texts
Classroom and Online

Title: Managerial Accounting
Edition:  6E
Author: Jiambalvo.  
Publisher: John Wiley and Sons Canada Ltd. 
ISBN: 9781119158011

Title: Selected Chapters from Weygandt: Accounting Principles
Edition: 7E, Parts 1, 2 and 10.
Author: Weygandt
Publisher: John Wiley and Sons Canada Limited.
ISBN: 9781119287780

Note: The above items are packaged together under ISBN: 9781119290001

Reference Material
None.

Required Supplies
None.

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.


Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor immediately, prior to when your assignment is due, so an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks after the assignment due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail.  Please ensure that all assignments and reports are properly documented.

Students are referred to the following web site for the Seneca College Library MLA Style Guides, Academic Honesty Policy and Copyright guidelines:  

http:/senecacollege.ca/library

Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the even of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency:

The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this course in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme: 

Classroom

term test 40%
Group Assignment  20%
Final Exam 40%
   


Online
Quizzes 20% 
Discussions 20%
Individual Assignment 30%
Final Exam ** 30%
   
   


** Final Exams: The final exam for online courses must be written at the Test Centre of the College at which you registered. If you are unable to do so, please make alternative arrangements through the College at which you registered. All the academic policies of the College at which you registered apply. This includes, but is not limited to, policies related to grading, supplemental exams, deferred exams and accommodations.


Please retain this course outline document for future educational and/or employment use.


Program Coordinator
Keith Chapin

Approved by: Academic Program Manager - Business Studies Danielle Mercier